Horizon also liked Jarden Corporation (NYSE:JAH), with a position of 3.7 million shares in the $4.4 billion market cap company which provides outdoor equipment, home accessories, and other products. Jarden has been another big gainer over the last year, up 74%, and with earnings actually declining in its most recent quarterly report versus a year earlier the trailing P/E is 21. Fisher Asset Management, managed by billionaire Ken Fisher, was another investment fund with a position in Jarden (find Fisher's favorite stocks).
AutoNation, Inc. (NYSE:AN), an auto dealer primarily located in the Sunbelt, was another of Horizon’d top picks; billionaire Eddie Lampert and his team at ESL Investments had over $2 billion invested in the stock. Research more companies where Lampert is a major investor. Revenue and earnings both saw double-digit growth rates in the third quarter of 2012 compared to the same period in the previous year, and at 19 times trailing earnings AutoNation may qualify for “growth at a reasonable price” status.
Stahl’s fund owned 3.9 million shares of Brookfield Asset Management Inc. (NYSE:BAM), a holding company with a strong real estate component. Marty Whitman’s Third Avenue Management cut its stake in the third quarter, but at 7.8 million shares Brookfield was still its top holding by market value. Brookfield has a market capitalization of $23 billion, which places it at 18 times trailing earnings with analysts expecting lower net income this year.
Another holding company that Horizon liked was Leucadia National Corp. (NYSE:LUK), though Leucadia is quite diversified in its business operations. Bruce Berkowitz, manager of Fairholme, was another manager reporting a large position in Leucadia (see more stocks Fairholme owned). This stock did not have a good 2012, and is down 12% in the last year. It now trades at a slight discount to book value.
Disclosure: I own no shares of any stocks mentioned in this article.